Standard & Poor’s and Fitch have lowered their ratings and outlook for two of China’s largest cement companies, citing weaker demand and tougher environmental regulations in the world’s second-biggest economy.
The revisions reflect increased concern about the likelihood of an industrial slowdown in China and its financial consequences for large state-owned enterprises, even as the government attempts to assure investors that economic growth will not fall below its target of 7.5 per cent.
S&P reduced its long-term corporate credit rating on China Shanshui Cement from double B to double B minus. Fitch changed its outlook for West China Cement to negative from stable, while maintaining its rating for the company at double B minus.
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